Should you buy or rent?

Buying a home is one of the biggest emotional and financial decisions you’ll ever make, so prepare yourself to make a knowledgeable decision.

Although buying a home almost always seems like a great idea, it is important to understand what home ownership involves.

Of course, being a homeowner is something to be proud of but it also means having to invest money, time and energy and take on added responsibilities. So, before you decide to buy a home, make sure you’re ready.

Here are some things to consider:

Financial Security - If housing prices rise, your home can provide you with some financial security due to capital appreciation.

Stability - Having a place of your own.

Financial Stress - Coming up with the down payment, meeting regular mortgage payments and other ongoing costs will tie up a lot of your cash, and can put considerable stress on your finances.

Maintenance - Keeping your home in good shape requires time and money.

Responsibility - You alone are responsible for payments, repairs and maintenance.

Flexibility - You can decorate or renovate your home to meet your own family’s personal tastes and needs.

Now that you have an idea of what to expect, take out a notepad and list the advantages and disadvantages of renting or buying a home.

This list will help you weigh in the pros and cons of renting and buying and help you determine if home ownership is right for you.

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Laurie Baird and Tracy Head are mortgage brokers with Verico Complete Mortgage Services. Together they have over 45 years of experience in the mortgage industry.

As mortgage brokers, Laurie and Tracy spend time getting to know the people they work with and help them understand the mortgage process. They support their clients before, during, and after a home purchase.

Laurie and Tracy are able to offer their clients advice and options. With access to over 40 different lenders, Laurie and Tracy are able to match the needs of their clients with the right mortgage package. They work closely with their clients to find the right fit, and are around to provide support for years down the road!